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April 28, 2017  

Semper Alumni Prepare for Fund Launch

Two veteran structured-product traders who previously worked together at Semper Capital are starting a hedge fund.

Jay Menozzi, who was Semper’s chief investment officer, and portfolio manager Boris Peresechensky have formed Orange Investment of Orlando. They are talking to investors about a vehicle tentatively named Orange Structured Credit Fund, and plan to begin trading in the third quarter.

Menozzi and Peresechensky are telling prospective limited partners the fund will trade a mix of asset-backed securities, mortgage bonds and collateralized loan obligations, based in part on relative-value analysis.

Menozzi started in 1999 at New York-based Semper, a structured-product investor that runs hedge funds and mutual funds. He and Peresechensky worked in the firm’s Orlando office before leaving around yearend. Menozzi previously worked at Atlantic Portfolio Analytics, a structured-product fund operator that’s no longer in business.

Peresechensky joined Semper in 2005 as a mortgage-bond portfolio manager. He previously worked at Bayview Financial, following stints at HSBC and Lazard Asset Management.

Semper, formerly known as Utendahl Capital, has filled its chief-investment-officer post by promoting Zach Cooper, who had been Menozzi’s deputy. And the firm hired Neil Aggarwal to fill Peresechensky’s role. Aggarwal last worked at BlueCrest Capital, preceded by sell-side roles at Jefferies, Barclays and Citigroup.

Semper, which runs $1.4 billion, also recently hired Darren King to trade commercial mortgage-backed securities. King was employed since 2012 at hedge fund shop Jerica Capital. Before that, he worked on the structured-product trading desks at UBS, PrinceRidge, RBC Capital and J.P. Morgan.